There is some other work to do as well as translating templates, such as updating the ACP to edit the template files rather than templates stored in the database, and fixing up the theme system to use the new template system, but progress is looking quite good so far.

I'm hopeful that we'll have an Alpha release by the end of April at the latest. Hopefully we'll get even further than that and have Beta/RC releases by that time too, but it depends upon how may bugs/issues turn out with further testing.